MELBOURNE, March 31 (Reuters) - Australia's Macarthur Coal has received an approach from a third party to buy a controlling stake, it said in a statement requesting a share trading halt on Wednesday.
Macarthur, valued at A$3.1 billion ($2.9 billion), is being advised by JPMorgan, two sources with direct knowledge of the subject said.
The company said it would make an announcement about the approach within the next two days.
Macarthur is on track to take over Gloucester Coal to become Australia's biggest independent coal miner mid-year, supplying coal used in steel-making and power generation.
Its major shareholders are China's CITIC Resources, top global steel maker ArcelorMittal and world no.4 steelmaker POSCO.
Macarthur's shares last traded at A$12.09. Shares in other coal miners, like Centennial Coal and Whitehaven Coal , jumped more than 6 percent in a flat market on the prospects of more takeover activity in the sector.
Gloucester's main shareholder is Singapore-listed commodities firm Noble Group.
(Reporting by Sonali Paul; Editing by Ed Davies)
((sonali.paul@thomsonreuters.com; +61 3 9286 1419; Reuters Messaging: sonali.paul.reuters.com@reuters.net)) ($1=1.089 Australian Dollar) Keywords: MACARTHURCOAL/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Macarthur, valued at A$3.1 billion ($2.9 billion), is being advised by JPMorgan, two sources with direct knowledge of the subject said.
The company said it would make an announcement about the approach within the next two days.
Macarthur is on track to take over Gloucester Coal to become Australia's biggest independent coal miner mid-year, supplying coal used in steel-making and power generation.
Its major shareholders are China's CITIC Resources, top global steel maker ArcelorMittal and world no.4 steelmaker POSCO.
Macarthur's shares last traded at A$12.09. Shares in other coal miners, like Centennial Coal and Whitehaven Coal , jumped more than 6 percent in a flat market on the prospects of more takeover activity in the sector.
Gloucester's main shareholder is Singapore-listed commodities firm Noble Group.
(Reporting by Sonali Paul; Editing by Ed Davies)
((sonali.paul@thomsonreuters.com; +61 3 9286 1419; Reuters Messaging: sonali.paul.reuters.com@reuters.net)) ($1=1.089 Australian Dollar) Keywords: MACARTHURCOAL/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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